Tradeweb appoints MD to lead Dealerweb CLOB

Tradeweb Markets, a global operator of electronic marketplaces for rates, credit, equities and money markets, has appointed Dan Cleaves as a Managing Director in its Dealerweb wholesale unit.

Based in New York, Cleaves will lead the strategy and development of the Dealerweb Central Limit Order Book (CLOB) recently acquired from Nasdaq. Cleaves will draw on his extensive experience running electronic markets for the most liquid Treasury instruments, interfacing with clients, technologists and regulators to ensure the successful integration and growth of Dealerweb CLOB. He will report to Chris Amen, Managing Director and Head of On-the-Run Treasury Trading at Dealerweb.

Amen says: “In recent years we’ve built a leading marketplace for streaming Treasuries liquidity, enabling clients to glean the benefits of bilateral relationships in an efficient, electronic format. Dealerweb CLOB will allow us to offer even greater optionality and flexibility to new and existing clients. Dan’s extensive experience will be vital to our customers, and burgeoning team, as we realise more of our strategy to be the central destination for price discovery, risk transfer and hedging for wholesale market participants.”

Prior to joining Dealerweb, Cleaves was CEO of BrokerTec Americas with oversight of all global fixed income products. With ICAP and the NEX Group, he also served as Global Head of Product for EBS and BrokerTec and well as Head of US Sales for BrokerTec. Cleaves started his career at Liberty Brokerage and spent 13 years managing accounts and executing trades for sell side firms.

Cleaves says: “The addition of Dealerweb CLOB makes for an outsized opportunity to expand further the execution choices available to US Treasury market participants. I’m excited to get to work.”

Tradeweb was established in 1997 as a destination for institutional US Treasuries trading, and in June 2021 reported average daily volume of USD119.4 billion in US Treasury volume across institutional, wholesale and retail markets.